Reduction by Borrower Clause Samples

Reduction by Borrower. The Borrower shall have the right at any time and from time to time upon three (3) Business Days prior written notice to the Administrative Agent to reduce by $500,000 or an integral multiple of $100,000 in excess thereof, or terminate entirely the unborrowed portion of the Total Term Commitment, whereupon the Term Commitments of the Banks shall be reduced pro rata in accordance with their respective Term Commitment Percentages of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the Borrower delivered pursuant to this Section 4.3, the Administrative Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Administrative Agent for the respective accounts of the Banks the full amount of any commitment fee then accrued on the amount of the reduction. No reduction of the Term Commitments may be reinstated.